Money, money, money

One cannot discuss the game of online bingo for very long without raising the subject of money. Whilst bingo can be played for the intrinsic fun of playing, the majority of bingo players participate because there is a chance for them to win money by doing so. The majority of online players therefore need to understand how money is transferred between themselves and the bingo room in which they choose to play.

Deposits

Before a bingo player can participate in a game for real money, it is necessary for them to have some real money in their account so that they can buy tickets. Most online bingo sites offer a number of ways to deposit money, but the most common methods used are credit cards such VISA and Mastercard, and debits cards such as Switch, Solo and Delta.

Making a deposit using one of these methods involves giving the bingo site your card number, expiry date, your card verification number (usually the last three digits on the signature strip) and – if you haven’t already done so – your full name and address. When you have done that, select the amount you wish to deposit and, once the transaction is processed successfully, your account will be credited instantly so that you can begin playing.

If you use a different method of depositing funds then these may not be credited to your account so quickly, so you may have to wait anything from an hour to a few days (usually when depositing by personal cheque) for the transaction to go through.

Withdrawals

When you win a cash prize in a game of online bingo, your winnings will be credited to your account. You can withdraw money in a number of ways. If you used a debit card to deposit money into your account then the amount you withdraw can normally be paid straight back into your bank account. If you have deposited using a credit card then, depending on the type of card you have used, you can have an amount equal to your original deposit paid back to the card. Any excess will be paid in some other way – usually by cheque, though Wire Transfers can be requested in some cases.

No matter how funds are withdrawn your online bingo account will be debited immediately. However, you will generally have to wait a while before you actually receive the funds. Withdrawals to your debit card generally process within three days, and tend to be the preferred option for UK bingo players. Cheques are the slowest of withdrawal options, as they obviously have to be sent to you through the regular postal system after being issued.

Our Advice

We recommend that all online bingo players find out about the available deposit and withdrawal options at any given site before they sign up. Use a debit card if possible as this is generally the quickest and simplest way of withdrawing funds from your bingo account. Online payment services such as Neteller can also be useful, but you will need to set up an account with them before using it. If you choose to deposit money into a bingo account by credit card then do be aware that the charge may be treated as a cash advance by the company issuing your card, and that this could result in interest being charged from the time of the deposit, along with a transaction fee.

Last Updated: 07/06/2007